EXHIBIT 99.1
CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED BALANCE SHEET
CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor)
JANUARY 2002
Ending Balance
1/31/02
-----------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 14,032,805
Accounts receivable 925,361
Inventories
-
Prepaid expenses and other current assets 552,284
-----------------
Total current assets 15,510,450
Net property, plant and equipment 487,725
Other assets 7,776,563
-----------------
23,774,738
=================
LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIENCY)
Current liabilities:
Credit facility 0
Current portion long-term debt 74,265,000
Accounts payable 34,999,532
Accrued expenses 16,490,878
Income taxes payable
6,498,044
-----------------
Total current liabilities 132,253,454
Current assets in excess of reorganization value 21,815,157
Stockholders' equity (deficiency):
Common stock 17,553,048
Additional paid in capital 4,436,788
Unearned compensation (100,971)
Retained deficit (151,704,302)
Cumulative currency translation adjustment (478,436)
-----------------
Total stockholders' equity (deficiency) (130,293,873)
-----------------
23,774,738
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CVEO CORPORATION f/k/a CONVERSE INC. CONSOLIDATED INCOME STATEMENT
CVEO Corporation f/k/a Converse Inc.(debtor) and subsidiaries (non-debtor)
JANUARY 2002
---------------------------------------------
13 Months
Month of Jan. 2002 Jan `01-Jan -02
---------------------------------------------
Net revenue 65,869,367
Cost of sales 51,968,750
---------------------------------------------
Gross profit - 13,900,617
Selling, general and administrative expenses 418,097 19,207,297
Royalty income - 5,478,479
Restructuring and other unusual charges 4,032,680
46,391
---------------------------------------------
Earnings from operations (464,488) (3,860,881)
Interest expense 408,712 14,520,332
Other (income) expense, net 79,660 (27,893,097)
---------------------------------------------
Net income before income tax (952,860) 9,511,884
Income tax expense - 992,535
---------------------------------------------
Net income (952,860) 8,519,349
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CVEO Corporation f/k/a Converse Inc.
Schedule of Cash Receipts & Disbursements Form MOR1
$=thousands
------------------------------------------
Prior Month Actual Total
Cumulative 1/1/02-1/31/02 Cumulative
CASH RECEIPTS:
Domestic Accounts 33,502 33,502
Outlet Stores 4,740 4,740
Int'l Distributors 15,747 15,747
Royalty Receipts 3,989 3,989
Auction Fixed Assets 901 901
Interest Receipts 350 23 373
Other Receipts 2,058 129 2,187
TOTAL RECEIPTS 61,287 152 61,439
DISBURSEMENTS:
Accounts Payable
Raw Materials 389 389
Duties/Customs 2,124 2,124
Other Disbursements 9,647 170 9,817
Traffic 1,321 1,321
Advertising/Mktg 384 384
Player Contracts 101 101
Rent 778 778
Capital Expenditures - -
Float Adjustment -
-
Total Accounts Payable 14,744 170 14,914
-
Foreign Fnshd Gds-L/C 19,453 19,453
Payroll/Benefits 10,954 235 11,189
Tax Payments 3,947 3,947
Japan 132 132
Singapore 219 219
Other 2,858 2,858
Restructuring Fees 4,321 242 4,563
TOTAL CASH DISBURSEMENTS 56,628 647 57,275
- ---------------------------------------------------------------------------------------
NET CASH REC/DSB BEFORE BA FIN 4,659 (495) 4,164
- ---------------------------------------------------------------------------------------
ADD BA FINANCING 16,212 16,212
LESS BA MATURITY 26,912 26,912
- ---------------------------------------------------------------------------------------
NET CASH REC/DSB (6,041) (495) (6,536)
- ---------------------------------------------------------------------------------------
Proceeds Sale of Assets 93,750 93,750
(566) (566)
INTEREST/FEES;
BANKS 1,685 1,685
NOTEHOLDERS 1,965 1,965
CONVERTIBLE NOTES -
DIP FEE 643 643
-
BT Loan Payoff 37,039 37,039
Secured Notes Payoff 29,713 29,713
REVOLVER BALANCE - -
NET CASH ACTIVITY 18,426 (495) 17,931
LETTERS OF CREDIT
ADD: 9,686 9,686
SUBTRACT: 19,450 19,450
TOTAL L/C (3,710) (3,710)
BA REFINANCING
ADD: 16,212 16,212
SUBTRACT: 53,348 53,348
TOTAL B/A REFINANCING - -
STANDBY L/C 919 919
TOTAL LINE UTILIS./CASH BALANCE 13,797 13,302 13,302
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